Checking accounts are an extremely useful tool for managing your money, but they can also be very expensive. Nobody likes paying fees or keeping a certain amount of money (the minimum account balance requirement) idle forever. However, there are a lot of good options that allow you to avoid these issues. Today, we’ve found some of the best banks that offer open checking account online instantly with no deposit. By opening an online checking account in any of these banks, you don’t have to have a certain amount of money in them, and there is no fee as well.
What is Online Checking Account?
Idealistically, a “checking account” refers to a deposit account in any financial institution (mostly banks), which allows money deposits and withdrawals. Following this, an online checking account is surely internet-based, offering money transactions without visiting the bank. The transactions are usually conducted by debit cards, credit cards, mobile money apps, etc.
This facility ensures the safety of your money. Instead of keeping your money at your house, where it may be in danger if thieves discover it or if your house burns down, you should consider depositing it in a bank, where it will be protected from potential threats to its security.
Benefits of an Online Checking Account
Below are the detailed advantages of having an online checking account.
- If you maintain your funds in a checking account, you may access them anytime, even at night.
- The issued debit, credit, etc. cards can be used for online and offline payments. And the process is surprisingly faster.
- In addition, by using the linked cards or money wallet, you can withdraw cash from ATMs.
- You may use a checking account to receive funds through wire transfer or to deposit checks straight into the account.
- Easy transfers to other accounts (deposit, interest, etc.) in the same bank or different bank.
How to Open a Checking Account Online
To assist you in the checking account opening process online, we’ve developed step-by-step guidelines.
1. Choose Your Bank
After deciding on a checking account, the next step is to choose the financial organization, such as a bank, where you will open the account. It would help if you did some comparative analysis to get the most acceptable deal, considering various businesses’ varying costs and interest rates.
2. Gather Required Documentation
Once you have determined which financial institution is most suited to meet your objectives, the next step is to find out the prerequisites that need to be satisfied to open an account at that particular establishment. Collect all necessary papers, verify that you are prepared to go through them, and start the application process. In a common scenario, the documents listed below are required:
- Social Security number.
- Identification papers.
- Residential address proof.
- Contact information (phone number, email, etc.).
3. Complete the Online Application Process
You should start your online application as soon as you have all the essential papers in hand and ensure that all required sections are completed as quickly as possible. The financial institution will send you a confirmation email informing you that your request for a bank account has been granted and will regard your application as successful.
8 Banks to Open Checking Account Online Instantly with No Deposit
1. Capital One 360 Checking
Because of its top-rated mobile app, physical bank locations, and good APY, the Capital One 360 Online Checking Account is at the top of our list. There are no fees needed to open the Capital One 360 checking account. It doesn’t have a minimum balance requirement; it doesn’t do a credit check; and it also pays interest. It’s probably the best deal on a free checking account that you can get right now.
Moreover, it offers a free debit card, and there are more than 39,000 Capital One ATMs at which you can avoid ATM charges by using one. You’ll get 0.10 percent APY on all your balances, which is more than the national average of 0.04 percent. But so far, the APY for online accounts isn’t as high as it is for other types of accounts online.
2. Ally Bank Interest Checking
Ally Bank is a successful online bank for customers who are looking for competitive interest rates and excellent customer support. Higher interest rates and reduced fees are possible since Ally doesn’t have to spend money on physical locations. The operations of Ally and Capital One are nearly identical. It also has a well-reviewed smartphone app with no minimum charge to open.
The Interest Checking account from Ally Bank is one of the few on our list that offers interest; however, it only offers 0.25 percent. The account also includes online bill statements and a debit MasterCard. Along with numerous positive reviews, the bank’s customer service unit gets top grades.
3. Axos Bank Essential Checking
If you want to open a free online checking account with fantastic benefits right away, choose Axos Bank (formerly known as Bank of Internet). To make things even more convenient, this account comes with limitless ATM fee reimbursements and a wide range of personal financial tools. Direct Deposit Express allows consumers to get their wages up to two days sooner than at other banks.
Direct deposit is only available for pay checks, though. Remember that it is an online bank with no physical branches, yet it is nonetheless covered by the Federal Deposit Insurance Corporation (FDIC). Most importantly, no deposit is required to open the account.
4. Charles Schwab High Yield Investor Checking
High Yield Investor Checking from Charles Schwab is the only one that comes with a brokerage account. You won’t have to pay any fees or deposit a minimum amount to start the accounts. The minimum amount required for the Schwab Bank High Yield Investor Checking® account is only $0.01, and the interest rate is 0.03 percent each year (APY).
However, this rate may fluctuate as per the ups and downs of the stock exchange. Furthermore, you get online money transaction facilities via a free debit card or mobile banking. One downside of the Schwab Bank High Yield Investor Checking account is that you can’t deposit cash.
5. Discover Checking
The Discover Cashback Debit account is a fantastic choice for those who don’t want to pay fees. Its working process is unique; first, it charges you, and you get cash-back benefits to adjust those earlier paid amounts. Again, Discover Checking has a fresh take on it that you might not expect. To do things with your bank account, the company will pay the consumers up to $3,000 per month.
The linked debit card earns 1% cash back on all transactions. And, most essentially, it offers the true sense of online banking by allowing you to use a debit card and checks via the smartphone app, which gives you more control over your account. However, you may only be allowed to have a maximum of two cash-back checking accounts with your name on them.
6. Betterment Checking
International travellers like the Betterment Checking account for its robo-advisor investment products (including an Individual Retirement Account, or “IRA”). The account is operable online and will refund you for any fees you pay when withdrawing cash from an ATM outside of your network. If you want to open an account, there are no costs whatsoever, and you don’t need a certain balance to get started. You can’t deposit cash into an account with Betterment through an ATM.
7. Simple Bank Checking
You can establish an online checking account at Simple Bank in a minute. For almost every service, as well as overdrafts and debit card replacements, Simple Bank will not charge any fees. No monthly fees, no security deposit, and free ATMs through the Allpoint network are some of the things it has to offer.
The bank also has budgeting tools like Safe-to-Spend, which takes into account things such as automatic payments and direct deposits and tells you how much money you have or have spent. There is a lot to like about the app’s design and how easy it is to use, and the budgeting tools help you set financial goals. However, some people might not be able to use the bank’s services.
8. First National Bank Freestyle Checking
Freestyle Checking provides all the features you want in a checking account. You can get a debit card with this account, as well as online statements and bill-paying facilities. As far as I know, this bank doesn’t require a deposit and doesn’t charge fees. It also doesn’t charge for ATMs if you overdraw or return an item once a year.
You won’t be charged for checks. Also, it doesn’t charge for paper bills or cashier’s checks, two things that other banks might charge you for. However, its savings rates aren’t high enough. Their website also takes a long time to load.
With the mentioned banks, you can easily open checking account online instantly with no deposit. For most people, having banking services is a good thing, even if it’s not necessary to keep the money. These eight banks will prove to be very helpful. Before opening a bank account, make sure you thoroughly review the terms of service. Moreover, the best way to find the best banking choices is to contact the local credit union, which often has the best options.
Frequently Asked Questions
When you open a bank account with a financial institution, your credit history will not be reviewed since the institution does not conduct such reviews. On the other hand, if you create a business checking account online instead of via ChexSystems, you will have access to your whole financial history. This is because credit bureaus are not notified when transactions occur in online business checking accounts. This situational aspect will be included in our deliberations when determining whether or not to provide you with a bank account.
Chime is a great example here. There are no fees for the Chime Spending Account. It has a simple checking or savings account for free. Chime has the benefit of having no monthly or overdraft fees. It also pays 0.50 percent APY across all balances in Chime Savings, which is a great deal.
Opening a bank account online with no deposit and bad credit is easy. Choose a bank or credit union that doesn’t ask for a deposit. Find the bank and account that work best for you and complete the online form.